Exhibit 99.1
JINXUAN COKING COAL LTD.
INTERIM CONDENSED CONSOLIDATED BALANCE SHEET
(Amounts in US$, except shares)
As of June 30, (Unaudited) | ||||
| ASSETS | ||||
| Current assets | ||||
| Cash and cash equivalents | $ | 217,270 | ||
| Accounts receivable | 420,711 | |||
| Other receivables | 2,609,192 | |||
| Prepayments and other current assets | 23,411 | |||
| Total Current Assets | 3,270,584 | |||
| Non-current assets | ||||
| Property and equipment, net | 346,536 | |||
| Right-of-Use asset | 240,496 | |||
| Total Assets | $ | 3,857,616 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
| Current liabilities | ||||
| Advance from customer | $ | 688 | ||
| Other payables and accrued expenses | 2,528,404 | |||
| Income taxes payable | 43,753 | |||
| Amount due to related parties | 407,024 | |||
| Lease liability - current | 91,399 | |||
| Total Current Liabilities | 3,071,268 | |||
| Non-Current liabilities | ||||
| Lease liability - noncurrent | 95,836 | |||
| Total Liabilities | 3,167,104 | |||
| Shareholders’ equity | ||||
| Ordinary shares (0.001 par value, 100,000,000 shares authorized, 14,333,334 shares issued and outstanding as of June 30, 2019) | 14,333 | |||
| Additional paid-in capital | 861,301 | |||
| Statutory reserve | 74,956 | |||
| Accumulated deficit | (182,600 | ) | ||
| Accumulated other comprehensive loss | (77,478 | ) | ||
| Total Shareholders’ Equity | 690,512 | |||
| Total Liabilities and Shareholders’ Equity | $ | 3,857,616 | ||
JINXUAN COKING COAL LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
(Amounts in US$, except shares)
Six Months Ended (Unaudited) | ||||
| Revenue | ||||
| - Agent fee from third parties | $ | 357,242 | ||
| Total revenue | 357,242 | |||
| Cost of revenue | ||||
| - Product sales to third parties | ||||
| Total cost of revenue | - | |||
| Gross profit | 357,242 | |||
| Operating expenses | ||||
| Selling and marketing expenses | 18,939 | |||
| General and administrative expenses | 349,617 | |||
| Total operating expenses | 368,556 | |||
| Loss from operations | (11,314 | ) | ||
| Other expense | ||||
| Interest income on bank deposit | 246 | |||
| Interest expense | (25,455 | ) | ||
| Other expenses, net | (105 | ) | ||
| Total other expenses, net | (25,314 | ) | ||
| Loss before income tax | (36,628 | ) | ||
| Income tax expenses | - | |||
| Net loss | $ | (36,628 | ) | |
| Other comprehensive loss | ||||
| Foreign currency translation loss | (581 | ) | ||
| Comprehensive loss | $ | (37,209 | ) | |
| Weighted average number of shares, basic and diluted | 14,333,334 | |||
| Basic and diluted loss per share | $ | (0.003 | ) | |
